This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
The Oklahoma Extension of Primary Term of the Lease refers to a legal provision applied to oil and gas leases in the state of Oklahoma. This provision allows parties involved in a lease agreement to extend the initial primary term, which is the initial duration set for the lease, to continue exploration and production activities on the leased land. This extension can be granted under certain circumstances and is subject to specific conditions and agreements. There are different types of Extension of Primary Term of the Lease found in Oklahoma, and they may vary depending on the negotiated terms and conditions between the lessor (landowner) and the lessee (company acquiring the lease rights). One type of extension commonly seen in Oklahoma leases is the Mutual Agreement Extension. This occurs when both the lessor and lessee agree to extend the primary term for a specific period. The terms of the extension, such as the duration and any additional considerations, are typically outlined in an addendum or amendment to the original lease agreement. Another type of extension is the Force Mature Extension. This type of extension is invoked when unforeseen circumstances or events beyond the control of the lessee hinder the ability to conduct exploration and production activities as initially planned. These events can include acts of nature, war, government actions, or other force majeure events. The lessee may request an extension to compensate for the time lost due to these events. A third type of extension is the Continuous Drilling Extension. In this case, the lessee can extend the primary term by continuously drilling or conducting drilling-related operations when the lease explicitly allows it. This provision ensures that the lessee has an opportunity to produce oil or gas even if they have not completed drilling within the original primary term. It is important to note that the terms and conditions for the Extension of Primary Term of the Lease must be negotiated and agreed upon by both parties before the extension is granted. Both the lessor and lessee need to carefully review and consider these terms to protect their respective rights and interests in the lease agreement. In conclusion, the Oklahoma Extension of Primary Term of the Lease is a provision that allows for the extension of the primary term in oil and gas leases in Oklahoma. It can be categorized into different types such as Mutual Agreement Extension, Force Mature Extension, and Continuous Drilling Extension. These extensions provide flexibility to the parties involved and address various scenarios and circumstances that may arise during the lease duration.The Oklahoma Extension of Primary Term of the Lease refers to a legal provision applied to oil and gas leases in the state of Oklahoma. This provision allows parties involved in a lease agreement to extend the initial primary term, which is the initial duration set for the lease, to continue exploration and production activities on the leased land. This extension can be granted under certain circumstances and is subject to specific conditions and agreements. There are different types of Extension of Primary Term of the Lease found in Oklahoma, and they may vary depending on the negotiated terms and conditions between the lessor (landowner) and the lessee (company acquiring the lease rights). One type of extension commonly seen in Oklahoma leases is the Mutual Agreement Extension. This occurs when both the lessor and lessee agree to extend the primary term for a specific period. The terms of the extension, such as the duration and any additional considerations, are typically outlined in an addendum or amendment to the original lease agreement. Another type of extension is the Force Mature Extension. This type of extension is invoked when unforeseen circumstances or events beyond the control of the lessee hinder the ability to conduct exploration and production activities as initially planned. These events can include acts of nature, war, government actions, or other force majeure events. The lessee may request an extension to compensate for the time lost due to these events. A third type of extension is the Continuous Drilling Extension. In this case, the lessee can extend the primary term by continuously drilling or conducting drilling-related operations when the lease explicitly allows it. This provision ensures that the lessee has an opportunity to produce oil or gas even if they have not completed drilling within the original primary term. It is important to note that the terms and conditions for the Extension of Primary Term of the Lease must be negotiated and agreed upon by both parties before the extension is granted. Both the lessor and lessee need to carefully review and consider these terms to protect their respective rights and interests in the lease agreement. In conclusion, the Oklahoma Extension of Primary Term of the Lease is a provision that allows for the extension of the primary term in oil and gas leases in Oklahoma. It can be categorized into different types such as Mutual Agreement Extension, Force Mature Extension, and Continuous Drilling Extension. These extensions provide flexibility to the parties involved and address various scenarios and circumstances that may arise during the lease duration.
